“In the previous two non-presidential cycles, the RNC carried over $4.8 million and $3.1 million respectively in cash reserve balances into the presidential cycles,” he writes. “In stark contrast, we enter the 2012 presidential cycle with 100 percent of the RNC’s $15 million in lines of credit tapped out, and unpaid bills likely to add millions to that debt.”

In this year’s elections the RNC couldn’t afford to run an independent expenditure ad campaign for Republican candidates and failed to finance a voter turnout operation for Senate and gubernatorial races, he says.